Correction to #36113. It should read: "PJ/SK3 agreement not consummated; the agreement would allow PharmaJanes "to become the exclusive on-line and smart phone ordering and marketing platform for collectives managed through the SK3 Group system." Pursuant and conditional to that agreement, Alternative Energy Partners, Inc. (AEGY) was to have paid 100 million AEGY common shares to SK3. Those shares have not been issued by AEGY, hence, the agreement is not consummated.
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Alternative Energy Partners, Inc.
(A Development Stage Company)
Notes to Condensed Consolidated Financial Statements
April 30, 2014
(Unaudited)
"We also signed an agreement with SK3 Group, Inc. to become the exclusive on-line and smart phone ordering and marketing platform for collectives managed through the SK3 Group system. Members of the collectives managed by SK3 Group will be able to order their medical cannabis needs through PharmaJanesTM. We (AEGY) agreed to issue a total of 100 million shares of our common stock to SKTO for this exclusive agreement, valued at $30,000 based on the closing market price for the stock on the date of the Agreement, and also undertook to register the planned distribution of the shares by SKTO to its shareholders. The shares are to be issued when the registration statement becomes effective. We have not yet filed the agreed to registration statement due to cost factors and the need to complete the fiscal year end audit, and have subsequently agreed to merge with SK3 Group, Inc. The unissued shares will be accounted for in the merger."
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Alternative Energy Partners, Inc.
(A Development Stage Company)
Notes to Condensed Consolidated Financial Statements
April 30, 2014
(Unaudited)\
Medical marijuana patients are able to upload funds onto their Simple PrepayTM account via a smart phone application or via a website, allowing them to purchase their medical cannabis needs with privacy and simplicity. Our website at www.simpleprepay.com is in the development stages and is expected to go live shortly. The acquisition of the Simple PrepayTM intellectual property and business was closed on May 31, 2013 in exchange for our promissory note payable to iEquity Corp. in the amount of $30,000, due in nine years at 8 percent interest and convertible after nine months at the election of the Holder at 50 percent of the closing market price of our common stock at the date of closing, May 31, 2013, or a conversion price of $0.00105.
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Alternative Energy Partners, Inc.
(A Development Stage Company)
Notes to Condensed Consolidated Financial Statements
April 30, 2014
(Unaudited)
"We also signed an agreement with SK3 Group, Inc. to become the exclusive on-line and smart phone ordering and marketing platform for collectives managed through the SK3 Group system. Members of the collectives managed by SK3 Group will be able to order their medical cannabis needs through PharmaJanesTM. We (AEGY) agreed to issue a total of 100 million shares of our common stock to SKTO for this exclusive agreement, valued at $30,000 based on the closing market price for the stock on the date of the Agreement, and also undertook to register the planned distribution of the shares by SKTO to its shareholders. The shares are to be issued when the registration statement becomes effective. We have not yet filed the agreed to registration statement due to cost factors and the need to complete the fiscal year end audit, and have subsequently agreed to merge with SK3 Group, Inc. The unissued shares will be accounted for in the merger."
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Alternative Energy Partners, Inc.
(A Development Stage Company)
Notes to Condensed Consolidated Financial Statements
April 30, 2014
(Unaudited)\
Medical marijuana patients are able to upload funds onto their Simple PrepayTM account via a smart phone application or via a website, allowing them to purchase their medical cannabis needs with privacy and simplicity. Our website at www.simpleprepay.com is in the development stages and is expected to go live shortly. The acquisition of the Simple PrepayTM intellectual property and business was closed on May 31, 2013 in exchange for our promissory note payable to iEquity Corp. in the amount of $30,000, due in nine years at 8 percent interest and convertible after nine months at the election of the Holder at 50 percent of the closing market price of our common stock at the date of closing, May 31, 2013, or a conversion price of $0.00105.
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